Chapters 2, 3, and 4 Intro to Business and Marketing
Highways between cities
State governments
Public buses
State governments
Parks and recreation
State governments and local government
Represents ownership in a corporation
Stock
The portion of people in the labor force who are not working
Unemployment Rate
Safety is often a matter of individuals being careful about where they place things and how they conduct their own business. Name some ways in which you and others can help make a workplace safe.
Use proper protective equipment, take safety precautions
An agreement to exchange goods or services for something of value.
contract
Protection of the work of authors, composers, and artists.
copyright
Describe how an absolute advantage might affect a country's imports and exports.
countries are able to produce at the lowest possible cost.
Explain why it is difficult for a community or a nation to be completely independent.
country's can only produce certain things so they have to rely on other countries to provide what they can't produce.
Stopping the importing or exporting of a certain product or service
embargo
Principles of morality or rules of conduct.
ethics
The value of money of one country expressed in terms of the money of another country
exchange rate
Goods and services sold to another country
exports
A nation's transportation, communication, and utility systems
infrastructure
An agreement between two or more companies from different countries to share a business project
joint vencher
A business that has complete control of the market for a product or service.
monopoly
An organization that conducts business in several countries.
multinational company (MNC)
A natural resource, such as gas, coal, copper, or iron ore, that cannot be replaced once it is used up.
nonrenewable resource
The exclusive right given to a person to make, use, or sell an invention for a period of 20 years.
patent
What are some attitudes and behaviors that might make it difficult for a foreign-based company to do business in the United States?
problems with currency exchange, political stability, and differences in laws.
How does international business contribute to a better standard of living for many people in various countries?
producing jobs and helping the economy.
A business that supplies a service or product vital to all people; the price charged for the service (or product) is determined by government regulation rather than by competition.
public utility
A limit on the quantity of a product that may be imported and exported within a given period.
quota
The movement of an economy from one condition to another and back again.
Business cycle
Represents debt for an organization
Bond
Government spends more than it takes in
Budget Deficit
Government spends less than it takes in
Budget Surplus
A phase marked by a long period of high unemployment, weak consumer sales, and business failures
Depression
Spending by businesses for items such as land, buildings, and equipment
Capital Project
Name three factors that can contribute to increased output of goods and services in a country. Explain how these factors can improve productivity.
Capital resources: physical tools, plants, and equipment make it easier to produce; Worker training: easier and more efficient to produce; Management techniques: workers would know exactly what to do
A decrease in the general price level.
Deflation
What does the term "discrimination" mean to you? What examples of discrimination in the workplace are you aware of?
Discrimination is when someone is treated as less than due to a factor that is out of their control; discrimination against race, gender, religion, sexuality, and ability
Police protection
Federal and state governments
National defense federal government
Federal government
Fire protection
Federal government and state governments
Water supply
Federal government and state governments
Some people believe that the US should place stiff controls on imports of goods that compete with US businesses to prevent the "exporting of American jobs" to other countries. Give arguments for and against such a position.
For: Placing stiff controls on imports of goods that compete with US business to prevent the "exporting of American jobs" to other countries will allow producers in the US to sell more and the US wouldn't be spending as much money on imports.; Against: Placing stiff controls on imports of goods that compete with US business to prevent the "exporting of American jobs" to other countries will affect trade relations and the US wouldn't have as many imports that we need.
Law requiring that stores be closed on sunday.
Formal
Requiring nutritional information on food packaging
Formal
Special tax on the sale of books
Formal
The GDP divided by the total population of a country
GDP per capita
The total value of all final goods and services produced in a country in one year
Gross Domestic Product (GDP)
"GDP is the best measurement of a country's economy." Explain why you agree or disagree with this statement.
I disagree with the statement because GDP per capita is a better measure of the country's economy.
An increase in the general price level
Inflation
Beliefs about not eating certain foods.
Informal
Hiring family members when jobs are available in an organization
Informal
Sewage and trash disposal
Local and state governments
Public libraries
Local government
Education
Local government and state governments
Street maintenance
Local governments
The total amount owned by the federal government
National Debt
The GDP of country A is $400,000. The GDP of Country B is $800,000. Does this mean that the per capita output of Country B is about twice that of Country A? Explain.
No, GDP per capita is determined by the GDP divided by the population. So unless the countries both have the same population the answer is no.
The sales of durable and nondurable goods bought by consumers
Retail Sales
Salaries and wages as well as investment income and government payments to individuals
Personal Income
A number that compares prices in one year with prices in some earlier base year
Price Index
Production output in relation to a unit of input, such as a worker
Productivity
A period in which unemployment is low, businesses produce many goods and services, and wages are good
Prosperity
A country sometimes uses high tariffs to protect its new and developing industries. What are two examples of new and developing industries either in the US or in other countries? Do you think that such industries should be protected by high tariffs? If so, how long should they be protected?
Real estate and construction. I don't think that tariffs should protect these industries. I see tariffs affecting the price of the products that these industries produce and I don't see how that would be beneficial.
A period in which demand, production, and GDP growth decrease and unemployment begins to rise.
Recession
Suppose that many auto and steel plants close in a country. Thousands of workers lose their jobs in a short period. If the country has been enjoying prosperous times, it may now be headed into what phase of the business cycle? Describe their conditions that might begin to occur.
Recession; products will be sold less, the prices will rise, workers will be laid off, products will be bought less, and income and sales won't be taxed.
The phase in which unemployment decreases, demand for goods and services increases, and GDP begins to rise
Recovery
Why do you think employers are willing to spend money to help employees improve their general health? Be specific about how a company might benefit.
To improve general health to keep employees the healthiest they can be. Employers benefit from having healthy workers. Healthy workers produce more product.
Make a list of public utilities that serve your community. What services do they provide? Do you think it would be better for these services to be offered by several competing businesses? Explain your answer.;
Water company, electric company, gas company, and the telephone company; water, electricity, gas, and telephone services; No, I don't think it would be better for these services to be offered by several competing businesses since there would need to be multiple distribution networks such as sewer lines, electricity poles, and water pipes for each competitor.
What are some natural resources that you use everyday? Which of those natural resources need to be protected? What can you as an individual do to avoid using up nonrenewable resources?
Water, salt, air; water; properly insulate my home
Laws designed to promote competition and fairness and to prevent monopolies.
antitrust laws
The difference between a country's total payments to other countries and its total receipts from other countries
balance of payments
The difference between a country's total exports and total imports of goods
balance of trade
Rules about how businesses and their employees ought to behave.
business ethics
A statement of values and rules that guides the behavior of employees or members of an organization.
code of ethics
Assistance to low-income families
federal government
Goods and services bought from another country
imports
The obligation of a business to contribute to the well-being of a community.
social responsibility
A tax that a government places on certain imported products
tariff
Describe situations in which a joint venture would benefit a company involved in international business.
the opportunity to take advantage of things that will maximize their profits.
Government restrictions to reduce free trade
trade barrier
A word, letter, or symbol associated with a specific product or company.
trademark
